| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 7.2% |
The Van Der Mandele Arar Fund depreciated 7.2% in the period, driven primarily by a drawdown in SK Hynix that the rest of the portfolio could not offset, bringing year-to-date performance to 7.2% versus 12.1% for the MSCI World ACWI. The manager remains committed to sizable positions in memory semiconductors and gold mining despite recent volatility, viewing them as asymmetric opportunities. SK Hynix remains the largest position at 16.6%, with the manager maintaining economic exposure while restructuring the position. The fund added Deutsche Rohstoff, an oil and gas producer trading at 2.2x forward earnings that fast-tracked production to exploit elevated prices from the Strait of Hormuz crisis. Over 8% of the portfolio benefits from tight freight shipping capacity driven by geopolitical disruptions. Thor Explorations received relief as Senegal's government demonstrated constructive permitting, supporting plans to double production over three years. The portfolio holds 29 stocks with 1.5% cash, concentrated in small-cap special situations across semiconductors, energy, mining, and shipping where the manager identifies significant valuation dislocations.
The fund maintains concentrated exposure to asymmetric opportunities in memory semiconductors, gold mining, oil production, and freight shipping, capitalizing on geopolitical disruptions and commodity cycles while applying rigorous valuation discipline to small-cap special situations.
The manager remains committed to sizable positions in the volatile memory and gold mining sectors despite recent momentum loss, viewing them as presenting asymmetric payoffs that should profit even without positive surprises. The Strait of Hormuz situation remains unresolved with scenarios ranging from reopening to prolonged escalation. The manager expresses uncertainty about how AI developments will affect white-collar industries but maintains conviction that datacenter and energy demand will grow. Overall tone is cautiously optimistic with selective positioning around specific opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 7 2026 | 2026 Q2 | 000660 KS, 095660.KQ, AII.TO, CBWTF, FRRRF, JAYYF, JXN, R3X.DE, THX.TO | geopolitics, Gold Miners, Memory, oil, semiconductors, shipping, small caps, value |
000660.KS JXN 095660.KQ THX.V |
Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. |
| Apr 7 2026 | 2026 Q1 | 000660 KS, FINV, GRAV, JFIN, JXN, QFIN, XLY.TO, XYF | China, energy, geopolitics, gold, Iran, Memory, oil, semiconductors | - | Fund down 9% on gold weakness despite Iran crisis, but March purchases outperforming. SK hynix leading AI memory despite helium risks. Chinese lenders crushed by rate caps but attractively valued. Iran oil shock larger than 1970s crises yet markets underpricing stagflation risk. Portfolio appears more undervalued than usual across 27 concentrated positions. |
| Feb 3 2026 | 2025 Q4 | 000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO | Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value |
XLY CN 000660 KS GRVY JXN |
Fund delivered 11.7% in two months through concentrated value positions in gold miners, semiconductors, and special situations. Portfolio maintains 21% gold miner allocation despite price appreciation, citing attractive earnings multiples. New cannabis investment Auxly trades at 4.5x P/E as profitable market leader. Expects higher tariffs but dovish Fed policy ahead. |
| Oct 3 2025 | 2025 Q3 | 000660.KS, 066570.KS, BABA, IMPP, JFIN, JXN, STLA, TCEHY | China, emerging markets, global, Gold Miners, Political Risk, small caps, value | - | ARAR Fund gained 7% since last letter and 31% year-to-date, outperforming benchmarks through undervalued small-cap positions. Portfolio includes Chinese ADRs below 3x earnings and goldminers benefiting from price appreciation. Key risks include US political developments and Chinese regulatory uncertainty, while upcoming fourth plenum could catalyze domestic demand focus benefiting financial services holdings. |
| Aug 1 2025 | 2025 Q2 | 000823.SZ, 0327.HK, 1773.HK, 6890.T, BFIT.AS, GRVY, HZO, JFIN, JXN, KEC.TO, ONEW, STLA | Cash Generation, China, deep value, Education, small caps, tariffs |
6169 HK 1969.HK |
ARAR Fund up 19.2% YTD through deep value small cap strategy, benefiting from Chinese consumption theme and strategic alternatives at Kiwetinohk. Added devastated education name YuHua at 5x earnings despite regulatory risk. Portfolio emphasizes cash-rich companies with doubling potential while positioned defensively against tariff impact on European exporters. |
| Apr 3 2025 | 2025 Q1 | BFIT.AS, GOOGL, GRVY, JFIN, JXN, STLA | Autocracy, China, European Markets, Geopolitical Risk, Portfolio Management, tariffs, Trump, value |
BFIT.AS JFIN JFIN.HK GOOGL |
Fund outperformed during market decline with Jiayin Group driving gains through strong earnings growth. Manager warns of unprecedented systemic risks from Trump's autocratic tendencies and geopolitical tensions that could fundamentally reshape markets. While maintaining concentrated portfolio of undervalued stocks, believes traditional frameworks inadequate for current environment and expects US stock premium to converge with international markets. |
| Jan 3 2025 | 2024 Q4 | 096350.KS, 327A.HK, AWE.L, BFIT, CFW.TO, DAC, DRAG.DE, GOOGL, IMPP, JFIN, JXN, KWE.TO, NM, ONEW, PAY.TO, STLA | AI, Mag-7, Net-Net, P/E Ratios, shipping, small caps, Valuations, value | - | Deep value fund underperformed in 2024 as expensive US large caps dominated returns. Manager holds concentrated portfolio of small caps trading at 2-5x earnings while avoiding Mag-7 stocks now at unsustainable valuations. Expects value investing resurgence in 2025 as current market setup resembles 1999 bubble conditions. |
| Oct 4 2024 | 2024 Q3 | 066570.KS, BFIT.AS, JXN, NMM, ONEW, PYFA.TO, STLA | cyclicals, gaming, global, shipping, small caps, value | NMM | ARAR Fund's small-cap value strategy faced headwinds in September with gaming company Gravity disappointing on China revenue and Payfare losing its DoorDash partnership. Despite these setbacks, the manager maintains conviction in both positions while benefiting from Jackson Financial's strong earnings and improving China sentiment. Fed rate cuts should provide tailwinds for the cyclical-heavy portfolio. |
| Apr 19 2024 | 2024 Q1 | AWE.L, BFIT.AS, JXN, ONEW, PLNT, STLA | energy, Europe, Fitness, industrials, small caps, value | BFIT.AS | European small-cap value fund delivered 4.6% monthly gains in February and March, outperforming benchmarks through concentrated 18-stock portfolio. Manager expanded Basic Fit position despite 40% decline, viewing it as biggest opportunity. Jackson Financial and Alphawave drove outperformance while Peugeot Invest announced CEO departure. Fund targets undervalued quality companies across Europe and US. |
| Aug 2 2024 | 2023 Q4 | AAPL, ALOKW.PA, AMZN, AWE.L, BFIT.AS, GOOGL, JXN, META, MSFT, NVDA, ONEW, STLA, TSLA | AI, Europe, growth, small caps, Solar, technology, value |
AWE.L ONEW ALOKW.PA |
Concentrated small-cap value fund targeting undervalued growth stocks with better risk-adjusted returns than popular large-caps. Strong Q4 performance offset by January decline. Key themes include AI beneficiary Alphawave and solar company OKWind. Manager cautious on rate cut expectations but optimistic on positioning for normalizing environment. Portfolio concentrated in 22 names with focus on 1/1000th selectivity approach. |
| Apr 10 2023 | 2023 Q3 | AWE.L, BFIT.AS, ESTE, IFP.TO, JXN, ONEW, PR, STLA | Autos, energy, Europe, rates, semiconductors, small caps, value | STLA | European value manager down 4.2% on Alphawave earnings miss and Fed hawkishness. Concentrated 17-stock portfolio targets undervalued small caps with strong balance sheets. Stellantis highlighted as prime example trading at P/E under 3. Successfully exited energy takeover target. Avoiding overvalued mega-cap tech while finding opportunities in unloved value names despite rising rate headwinds. |
| Jul 8 2023 | 2023 Q2 | AWE.L, BFIT.AS, GASS, JXN, KEC.TO, MHO, ONEW, STLA | cyclicals, earnings, Europe, oil, value | KEC.TO | ARAR Fund outperformed significantly in July with 4.67% gains, maintaining concentrated cyclical positioning despite recession expectations. Manager sees value opportunities in quality companies with strong balance sheets while defensive stocks trade at excessive multiples. Mixed earnings season with oil strength offset by OneWater Marine disappointment. Portfolio positioned for long-term outperformance through disciplined value approach. |
| Apr 4 2023 | 2023 Q1 | AWE.L, BFIT.AS, GOOGL, JXN, KEC.TO, ONEW | cyclicals, energy, Europe, small caps, value | AWE.L | ARAR Fund targets undervalued small-cap cyclicals with strong balance sheets, delivering 2.52% in its first month. The concentrated 15-stock portfolio tilts toward Consumer Discretionary, Energy, and Materials that the manager believes are unfairly avoided despite benefiting from recent earnings booms. Recession-resistant pricing provides confidence in cyclical exposure with significant upside if fears subside. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
MemorySK Hynix remains the largest position at 16.6% despite a significant drawdown. The manager believes SK Hynix continues to be one of the most compelling opportunities and has kept economic exposure intact, though shuffled the structure. The memory sector is described as volatile and needing to digest profit-taking after strong appreciation. |
Semiconductors SK Hynix Memory Cycle Technology |
Gold MinersThor Explorations represents 8.2% of the portfolio. Recent permitting developments in Senegal for competitors showed the local government remains constructive, which is a big relief as it means Thor will have an easier time doubling production in the next three years. The manager continues to rely on gold going up in the short run. |
Gold Mining Africa Senegal | |
OilThe manager holds over 8% exposure tied to freight shipping, which benefits from high oil prices through slow steaming and capacity tightening. Deutsche Rohstoff was added as a new position, an oil and gas producer that fast-tracked production to exploit elevated prices. The manager values oil companies using strip prices and sees asymmetric upside from the Strait of Hormuz crisis. |
Energy Shipping Geopolitics Commodities | |
Freight ShippingHigh oil prices lead to slow steaming, tightening shipping capacity and elevating freight rates. Iran threatening the Suez Canal route through proxies in Yemen forces freight to go around the Cape of Good Hope, keeping capacity tight and rates extraordinarily high. The fund maintains over 8% exposure to freight. |
Shipping Logistics Geopolitics Iran | |
AIThe manager provides extensive commentary on AI developments, describing five distinct waves of progress culminating in agentic AI. The fourth and fifth waves represent a Big Bang moment, with agentic AI guzzling tokens and requiring exponentially more datacenters and energy. The manager notes only one thing seems certain: we need more compute. However, this is primarily market commentary rather than a positioned investment thesis. |
Technology Data Centers Cloud Automation | |
GeopoliticsThe Strait of Hormuz closure remains a central concern affecting multiple portfolio positions. Trump was able to open the Strait briefly but Iran rejected even an unfathomable peace offer, suggesting all roads lead to more intense conflict. The manager sees two scenarios: allowing Iran to raise tolls or escalation through physical dislodging of the regime, with very different implications for oil prices. |
Iran Oil Conflict Trade | |
| 2026 Q1 |
SemiconductorsSK hynix showing tremendous technological progress with HBM4 chips for Nvidia's Rubin platform, expanding lead in AI memory stack. Production threatened by potential helium shortage from Strait of Hormuz closure. TurboQuant breakthrough could increase rather than decrease memory demand through Jevons' paradox. |
Memory HBM4 AI Nvidia Helium |
GoldGold declined after Iran attack despite safe haven status, similar to 2008 and 2020 crashes where gold initially fell with stocks but later outperformed. Manager remains comfortable with gold exposure given Trump's spending plans threatening dollar stability. |
Safe Haven Dollar Inflation Defense Spending | |
ChinaChinese lenders severely impacted by PBOC rate cap reforms reducing allowed lending rates to 24%. Earnings down 75% for some companies, trading at attractive valuations but facing potential further rate cuts to 20%. Manager maintains positions based on innovation history and shareholder-friendly behavior. |
Lending Rate Caps Regulation Valuations | |
OilStrait of Hormuz closure removes over 10% of global oil production, larger shock than 1973 or 1979 crises. Markets underpricing impact with oil up only 60% versus historical 200-300% increases. Three potential solutions: peace deal, forcible reopening, or demand destruction through policy measures. |
Hormuz Supply Shock Geopolitics Demand Destruction | |
IranIran war creating significant macro disruption through oil supply shock and helium shortage affecting semiconductor production. Trump's attack on Iran directly causing economic impact he must solve quickly. Crisis threatens global economy with stagflation risk similar to 1970s. |
Geopolitics Supply Chain Stagflation Trump | |
| 2025 Q4 |
AIManager views AI as a classic capital cycle bubble comparable to past infrastructure manias. Sees massive capital spending with improbable returns, creative financing, and circular dynamics among hyperscalers. Expects this to end badly for early investors despite potential societal benefits. |
Artificial Intelligence Data Centers Capital Cycle Bubble Infrastructure |
CloudCloud infrastructure spending is characterized as delusional with unsustainable capital requirements. Manager sees formerly capital-light tech companies now in an arms race that is leveraging balance sheets and gobbling up resources with questionable returns. |
Cloud Infrastructure Data Centers Capital Expenditures Tech Companies | |
ValueManager maintains strong conviction in value investing approach, with portfolio trading at 12.2x earnings versus S&P 500 at 26x. Emphasizes active management benefits and dual margins of safety in price and business quality during secular market peaks. |
Value Investing Undervalued Active Management Earnings Yield | |
GoldGold reached $5,000 per ounce driving mining profitability through the roof. Portfolio gold miners Kinross and Newmont saw margins surge to 33% and 32% respectively. Manager is constructive on long-term gold price for myriad unfortunate reasons. |
Gold Mining Kinross Newmont Commodity Prices | |
Berkshire HathawayWarren Buffett stepped down as CEO with Greg Abel taking over. Manager provides extensive tribute to Buffett's legacy and compound interest achievements. Views succession as well-managed with company in excellent hands under new leadership. |
Warren Buffett Greg Abel Succession Compound Interest | |
| 2025 Q3 |
Gold MinersFund continues to reap extraordinary benefits from goldminer investments, though exited Orezone due to escalating nationalization risks in Burkina Faso despite attractive valuations below 2.5x forward P/E. Gold continues making new highs amid political uncertainty. |
Gold Mining Nationalization Burkina Faso Political Risk |
ChinaSignificant exposure to Chinese ADRs trading below 3x earnings provides substantial margin of safety. Regulatory developments around loan facilitation business are manageable, and upcoming fourth plenum will determine policy direction for credit expansion and domestic demand priorities. |
ADRs Regulation Credit Plenum Valuation | |
Political RiskMonitoring US political developments through grey swan scorecard, particularly erosion of balance of power and potential descent into autocracy. Fascist regimes historically underperform economically, with autocratic nations trading at significant discounts to Western democracies. |
Autocracy Democracy Valuation Governance Systemic | |
| 2025 Q2 |
ChinaStrong performance from Chinese holdings including Pax Global (+42%) and Ferrotec (+37%) following Xi's domestic consumption boost ambitions. New position in YuHua Education reflects deep value opportunity in devastated private education sector trading at 5x earnings despite regulatory overhang from potential Fifth Plenum reforms. |
Education Consumption Regulation Value |
Deep ValuePortfolio focused on stringent deep value small caps with clear potential to double within couple years. Holdings characterized by attractive valuations relative to cash generation, with eight picks having doubled since 2023 inception. Current positioning emphasizes stocks trading at significant discounts to intrinsic value. |
Small Caps Cash Generation Undervalued Multiples | |
Trade PolicyExtensive analysis of Trump's tariff strategy and its market implications. Manager expects tariffs to benefit US companies short-term while European exporters bear the cost, despite long-term negative consequences for US soft power. Anticipates continued tariff escalation as Trump weaponizes global dependencies. |
Tariffs Europe Geopolitics Negotiation | |
| 2025 Q1 |
TariffsManager views tariffs as one of four grey swan risks facing markets, though considers it the most manageable. Compares Trump's tariff obsession to historical autocratic economic policies like Mao's Great Sparrow Campaign. Sees tariffs as part of broader economic experiment that could impact profits but believes risks are costly but not lethal. |
Trade Policy Trump Economic Policy Protectionism International Trade |
AutocracyManager expresses deep concern about Trump's concentration of power and autocratic tendencies, comparing current developments to historical autocracies. Notes Trump's attacks on constitutional separation of powers and warns that autocrats typically ruin economies through legacy building, corruption, and unsound economic strategies. Views this as amplifying market risks significantly. |
Political Risk Concentration of Power Constitutional Crisis Historical Parallels Economic Policy | |
Geopolitical RiskManager highlights degradation of American balance of power and restructuring of world order as major risks. Notes hostile US posture toward EU, threats to Greenland and Canada, and halting intelligence to Ukraine. Argues we've moved to a post-ought-to policy world where traditional predictive frameworks no longer work. |
US Foreign Policy Alliance Relationships Ukraine International Relations Policy Uncertainty | |
| 2024 Q4 |
ValueManager focuses extensively on value investing, holding stocks with P/E ratios under 5 while the S&P 500 trades at 30x earnings. Portfolio includes net-net stocks with more cash than market cap plus debt, and companies trading below book value with strong balance sheets. |
P/E Net-Net Balance Sheet Undervalued Cheap |
ShippingFund holds multiple shipping companies at P/E ratios of 2.7 or lower, including Danaos with no debt and 5% dividend yield. Despite 15-30% declines in last six months due to deteriorating shipping rates, the fund remains up over 50% on shipping positions. |
Shipping Rates Danaos Navios Imperial Petroleum Freight | |
AIManager discusses AI extensively but remains skeptical of current valuations. Questions whether AI will create the earnings boom needed to justify current tech multiples, comparing it to previous CAPEX booms in internet and telecom that didn't deliver sustained profits. |
LLM ChatGPT Gemini CAPEX GPU | |
Small CapsPortfolio concentrated in small-cap stocks that are not part of large-cap focused tracking indices. Manager sees over 300% upside in current holdings and believes small caps will outperform as capital flows away from expensive large caps. |
Russell 2000 Underweight Tracking Indices Outperform | |
| 2024 Q3 |
GamingGravity is a gaming company with a large cash pile, low P/E, and beautiful IP in their Ragnarok franchise. The key catalyst is rollout of games into China through local distributors, though initial revenue contribution was disappointing as Gravity gave away larger profit percentages to incentivize distributors. |
Gaming China IP Distributors Mobile |
ShippingMaritime shipping is a capex heavy, highly cyclical industry that was loss-making for almost ten years due to overcapacity. Navios Maritime represents a successful value play despite sector challenges and governance issues, trading at P/E of 2.0 with low debt and discount to tangible book value. |
Maritime Cyclical Greek Value Freight | |
ValueThe fund focuses on companies with rough edges that traditional value investors might avoid, requiring careful analysis of how these issues impact valuation. Examples include Gravity with management sitting on cash and Navios with governance concerns that have since been addressed. |
Value Contrarian Discount Undervalued Multiples | |
| 2024 Q1 |
FitnessBasic Fit faces competitive pressures from Planet Fitness entering Spain and pricing challenges with 20 euro memberships returning in France. The company is slowing expansion pace from 200 to 175 clubs annually, indicating market saturation concerns. Despite 40% year-over-year decline, the manager sees opportunity in improved cash flows as mature clubs increase. |
Fitness Expansion Pricing Competition Cash Flow |
ValuePortfolio trades at attractive valuations with Jackson Financial at forward P/E of 4.1, Stellantis at 4.1, and OneWater Marine at 8.0. Peugeot Invest trades at 60% discount to NAV despite management changes. The manager emphasizes buying quality companies at discounted prices across multiple sectors. |
Valuation Discount P/E NAV Undervalued | |
Small CapsFund remains tilted towards small cap investments with 18 stock portfolio focused on undervalued opportunities. The manager targets companies with strong fundamentals trading below intrinsic value, particularly in energy and industrial sectors where small caps offer better growth prospects. |
Small Cap Undervalued Growth Fundamentals Opportunity | |
| 2023 Q4 |
AIFund discusses AI/datacenter boom as a major growth driver for portfolio company Alphawave, which is positioned to benefit enormously from this trend. The manager notes Alphawave continues to grow exponentially and is positioned for the upcoming AI/datacenter boom despite trading at attractive valuations. |
Datacenter Semiconductors Growth Technology |
SolarNew portfolio addition OKWind represents the energy transition theme, focusing on innovative solar panel solutions. The company offers large solar panels on poles that don't compromise land use and can pivot to follow sunrays, making them more efficient than traditional flat solutions. OKWind operates without government subsidies, reducing regulatory risk. |
Energy Transition Renewable Agriculture Innovation | |
ValueManager emphasizes finding attractively priced stocks trading at low P/E ratios with strong growth prospects. The fund seeks exposure to only 1/1000th of all stocks, focusing on those with better risk-adjusted returns than popular names like the Magnificent Seven. Examples include Payfare and Alphawave trading at much lower P/E ratios than Meta and Nvidia. |
P/E Growth Undervalued Selectivity | |
| 2023 Q3 |
ValueManager emphasizes finding stocks with low P/E ratios and attractive balance sheets, particularly in the value segment of the market. Stellantis highlighted as trading at P/E under 3 despite solid fundamentals. |
Low PE Balance Sheet Undervalued Cheap Fundamentals |
AutosExtensive analysis of Stellantis as undervalued automotive play. Manager argues against bearish narratives around Chinese EV competition, recession fears, and autonomous driving threats to traditional automakers. |
Stellantis Automotive EV Competition Protectionism Autonomous | |
EnergyPortfolio benefited from rising oil prices through three energy stock holdings. Successfully exited Earthstone Energy after takeover by Permian Resources at significant profit. |
Oil Price Energy Stocks Takeover Earthstone Permian | |
Small CapsManager notes small caps and exotic markets like Europe are being hit harder by higher interest rates due to lack of passive inflows compared to large cap safe havens. |
Small Cap Passive Flows Europe Interest Rates Underperformance | |
| 2023 Q2 |
OilManager holds multiple oil companies including Kiwetinohk Energy Corp as a top 5 position. Discusses how shale companies now trade at very low P/E ratios despite improved balance sheets and more conservative management. Views ESG concerns as creating opportunities in undervalued energy names. |
Shale Energy ESG Valuation |
ValuePortfolio is positioned in cyclicals trading at attractive valuations while defensive stocks like Pepsi, Walmart trade at lofty multiples. Manager believes market is overpricing defensive names and underpricing cyclicals, creating value opportunities despite macro uncertainty. |
Cyclicals Defensive Multiples Opportunity | |
EarningsJuly earnings season brought mixed results with oil companies performing well and M/I Homes up 5% on quarterly results. However, OneWater Marine provided disappointing guidance, halving profit outlook and sending stock down 25%. Manager expects earnings drought to continue for 12 months. |
Results Guidance Outlook Performance | |
| 2023 Q1 |
Small CapsThe fund shows significant skew towards small-caps, which aligns with the theory that smaller companies are less looked at and tend to provide more opportunity. The manager notes this positioning is not due to bias since around 50% of all listed stocks are small-caps. |
Small Caps Opportunity Value |
Natural GasThe portfolio is significantly tilted towards natural gas despite continuing decline in prices. The manager notes fair value estimates have had to be revised lower for these stocks as natural gas prices continue declining even while WTI was rising. |
Natural Gas Energy Valuation | |
SemiconductorsAlphawave Semiconductors is a top 5 holding that has grown through acquisitions after IPO. The company is positioned as a very fast grower that could reach a P/E of 10 within 24 months, which the manager considers extremely cheap. Recent 10% stock appreciation does not inspire position reduction. |
Semiconductors Growth Valuation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | Fund Letters | Van Der Mandele Arar Fund | 000660.KS | SK Hynix | Other | Semiconductors | Bull | - | AI infrastructure, DRAM, growth, HBM, Leading Edge, memory chips, Nvidia Supplier, semiconductors, South Korea, technology hardware | Login |
| Aug 7, 2026 | Fund Letters | Van Der Mandele Arar Fund | JXN | Jackson Financial | Other | Life & Health Insurance | Bull | - | Annuities, financial services, life insurance, Mass Affluent, Retirement Services, US, Value | Login |
| Aug 7, 2026 | Fund Letters | Van Der Mandele Arar Fund | 095660.KQ | Gravity Co., Ltd. | Other | Interactive Home Entertainment | Bull | - | dividend, Gaming, Interactive Entertainment, IP Franchise, MMORPG, net cash, Ragnarok, South Korea, Special Situation | Login |
| Aug 7, 2026 | Fund Letters | Van Der Mandele Arar Fund | THX.V | Thor Explorations | Other | Gold | Bull | - | Africa, commodity, Emerging markets, gold mining, Nigeria, political risk, production growth, Senegal, Value | Login |
| Aug 7, 2026 | Fund Letters | Van Der Mandele Arar Fund | - | Deutsche Rohstoff | Other | Oil & Gas Exploration & Production | Bull | - | Commodity Producer, deep value, dividend, energy, Germany, Hidden-Assets, Oil & Gas, Shale, Sum-of-the-Parts, Tungsten, WTI | Login |
| Feb 3, 2026 | Fund Letters | Joost van der Mandele | XLY CN | Auxly Cannabis Group Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | Branding, Cannabis, consolidation, profitability, valuation | Login |
| Feb 3, 2026 | Fund Letters | Joost van der Mandele | 000660 KS | SK Hynix Inc. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Memory, Pricing power, semiconductors, Shortages | Login |
| Feb 3, 2026 | Fund Letters | Joost van der Mandele | GRVY | Gravity Co., Ltd. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | Activism, cashflow, dividends, Gaming, Governance | Login |
| Feb 3, 2026 | Fund Letters | Joost van der Mandele | JXN | Jackson Financial Inc. | Financials | Life & Health Insurance | Bull | New York Stock Exchange | Annuities, Insurance, Margins, Partnerships, valuation | Login |
| Aug 1, 2025 | Fund Letters | Joost van der Mandele | 6169 HK | China YuHua Education Corporation Limited | Consumer Discretionary | Education Services | Bull | New York Stock Exchange | Chinese Education, debt restructuring, deep value, Distressed debt, Regulatory risk, turnaround, Vocational Training | Login |
| Aug 1, 2025 | Fund Letters | Van Der Mandele Arar Fund | 1969.HK | China YuHua Education Group | Consumer Discretionary | Education Services | Bull | Hong Kong Stock Exchange | CCP Policy, China, contrarian, deep value, Education Services, Regulatory risk, turnaround, Vocational Training | Login |
| Apr 3, 2025 | Fund Letters | Van Der Mandele Arar Fund | BFIT.AS | Basic Fit | Consumer Discretionary | Leisure Facilities | Bull | Euronext Amsterdam | capital allocation, Equity, European markets, Fitness Centers, margin pressure, membership growth, Share Buyback, Value | Login |
| Apr 3, 2025 | Fund Letters | Van Der Mandele Arar Fund | JFIN | Jackson Financial | Financials | Life & Health Insurance | Bull | NYSE | Annuities, Demographics, Equity, Institutional Selling, Insurance, Post-Earnings Decline, Retirement Services, Value | Login |
| Apr 3, 2025 | Fund Letters | Van Der Mandele Arar Fund | JFIN.HK | Jiayin Group | Financials | Consumer Finance | Bull | NASDAQ | China, consumer finance, Equity, Fintech, growth, operating leverage, secular growth, Value | Login |
| Apr 3, 2025 | Fund Letters | Van Der Mandele Arar Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Artificial Intelligence, autonomous driving, Competition, Equity, LLM, Regulatory risk, search engine, technology | Login |
| Oct 4, 2024 | Fund Letters | Van Der Mandele Arar Fund | NMM | Navios Maritime Partners LP | Energy | Oil & Gas Storage & Transportation | Bull | NYSE | buybacks, Cyclical, Dry Cargo, Governance, Greek shipping, Maritime, Marshall Islands, Shipping, turnaround, Value | Login |
| Apr 4, 2024 | Fund Letters | Van Der Mandele Arar Fund | BFIT.AS | Basic Fit | Consumer Discretionary | Leisure Facilities | Bull | Euronext Amsterdam | acquisition target, Cash Flow Improvement, European expansion, Fitness Centers, Franchise Competition, Mature Club Economics, Pricing power | Login |
| Aug 7, 2023 | Fund Letters | Van Der Mandele Arar Fund | KEC.TO | Kiwetinohk Energy Corp | Energy | Oil, Gas & Consumable Fuels | Bull | TSX | Canada, carbon capture, energy infrastructure, ESG, Low P/E, Montney Formation, Oil & Gas, Shale Gas, Value | Login |
| Apr 4, 2023 | Fund Letters | Van Der Mandele Arar Fund | AWE.L | Alphawave Semiconductors Group PLC | Information Technology | Semiconductors & Semiconductor Equipment | Bull | London Stock Exchange | Acquisitions, growth, High Growth, Intellectual Property, semiconductors, technology, UK, Value | Login |
| Feb 8, 2024 | Fund Letters | Van Der Mandele Arar Fund | AWE.L | Alphawave IP Group | Information Technology | Semiconductors & Semiconductor Equipment | Bull | London Stock Exchange | AI, Connectivity, datacenter, growth, Ip, semiconductors, technology infrastructure, UK | Login |
| Feb 8, 2024 | Fund Letters | Van Der Mandele Arar Fund | ONEW | OneWater Marine Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Acquisitions, Buy and Build, Consumer Discretionary, Inventory, Luxury, Marine, retail, US | Login |
| Feb 8, 2024 | Fund Letters | Van Der Mandele Arar Fund | ALOKW.PA | OKWind Groupe | Industrials | Electrical Equipment | Bull | Euronext Paris | agriculture, Agrivoltaic, energy storage, france, growth, renewable energy, Solar, water treatment | Login |
| Oct 4, 2023 | Fund Letters | Van Der Mandele Arar Fund | STLA | Stellantis N.V. | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | automotive, autonomous driving, contrarian, deep value, Electric Vehicles, European, merger, Protectionism, Tesla Comparison, Value, Waymo partnership | Login |
| TICKER | COMMENTARY |
|---|---|
| 000660.KS | When you let your profits run there's always a bit of 'live by the sword, die by the sword' going on, as minor positions swell to 10x the size in some cases. There'll always be this inner monologue of 'if only I sold at the top' once a stock inevitably runs into a significant drawdown. However, we must be fair to ourselves: Rarely can one take profits right at the top. Realistically, taking profits happens far earlier or far later: either you trade out and it goes up another 100%, 200%, maybe 500%, or you decide you want to sell after the stock has already given up 20/30/50%. And perhaps you'll even be 'lucky' enough to see both at the same time! Such would have been the case for SK Hynix. If we were to have taken profit based on these technicals, a very logical exit point would have been near the end of March. It might have felt good taking 400% profit, but we would have missed out on an extra 400% (or something to that degree). In my experience, especially regarding tech, taking profit early is short-term satisfying but rarely the most profitable strategy. We will have to see whether we are underestimating upcoming bad news, but we believe SK Hynix continues to be one of the most compelling opportunities right now and therefore have kept our economic exposure intact. We did shuffle around the way we remained exposed, and we will elaborate on this at our lunch. |
| JXN | Jackson has a habit of moving up and down for strange reasons. It went down over 10% on Q1 earnings earlier and made us tactically expand our position, and after it recently went up 15% on an upgrade we decided to better-size our position. We believe it is still a very solid investment, but do not see an opportunity that warrant a position larger than 10%. |
| THX.TO | Last Investor's Letter we explained why political developments in Senegal made us vigilant. Fortunately, recent permitting developments in Senegal for competitors has shown the local government remains constructive and forthcoming in providing permits, which is a big relief for our Thor Explorations investment: Not having to fear delays means Thor will have an easier time doubling production in the next three years, before the open-pit part of their mine in Nigeria depletes. That said, we continue to rely on gold going up in the short run. |
| 095660.KQ | Gravity announced they were deliberating on paying a dividend. This was major news as Gravity has a cash balance that exceeds their market cap (and no debt). The reason the stock was so cheap is that investors feared they would keep the cash on the balance sheet forever or waste it at some point. Today we can update this and say that that fear can be put to rest: They declared a 5% dividend. We are very excited about where this is going, though we should add one caveat: Gravity accompanied the dividend with extensive investment plans: the circa 25 mn usd dividend is accompanied by plans to invest an extra 100 mn in growth and do 100 mn in 'strategic investments' to build their Ragnarok IP ecosystem. The latter will obviously have a huge impact on their balance sheet and change the whole 'if-they-pay-out-their-cash-you-get-the-rest-for-free' thesis, as they will 'only' have a cash position of 50% of market cap left. However, we are comforted by the fact that it is obvious they are able to allocate wisely and have shareholders interest in mind and expect the stock to creep up further in the coming weeks/months. |
| R3X.DE | We actually held Deutsche Rohstoff, and sold out early in January 2026 (regrettably!). The stock was trading at a forward P/E of 10 with quite a bit of debt, and that's usually not what we're looking for. However, as the Strait was closed economics evolved. In their 1st quarter earnings call they revealed they had seized the opportunity and secured more rigs than usual, and would be able to fully exploit the elevated oil & gas prices through extra production. Guiding for a forward P/E of 2.2 was enough to put them back on our radar, especially considering their balance sheet. One might also remember that Deutsche Rohstoff, despite mostly being a shale gas company, called itself a 'tactical commodity production investment company'. Turns out they were not wrong, as they held a ~8% stake in Almonty Industries. While this holding wasn't particularly valuable in 2022-2024, Tungsten prices have skyrocketed and so did Almonty's stock. By the end of 2025, Almonty had gone up 1300% and Rohstoff's stake represented a valuation about equal to their market cap. With oil prices below Rohstoff's breakeven that didn't look appealing enough, but with oil 40% higher that all changes. With spot WTI oil prices at 80 usd/bll and prices further along the strip at 70 usd/bll, we see Rohstoff earning around 185 million in 2026 and 100 million in 2027. The rest of their reserves we value at around 550 million NPV. Add to that their 61 million Almonty stake (after collecting 190 million on the sale of ~75% of their stake), a 230 million cash position, and debt that's close to the rest of their assets, and we see a current fair value that's triple their market cap. Not bad for a company that also has a history of sharing their spoils with its shareholders through high dividends! |
| FRRRF | We exited Ferrotec, a Japanese company engaged in the semiconductor sector. It has tripled since our entry and now traded at over 15x forward earnings. We don't believe they have a defendable moat longterm and do believe margins will normalize. We'd rather own a leading-edge microchip company trading at 4x forward earnings that Nvidia is dependent on to produce technological superior processors (i.e.: SK Hynix). |
| JAYYF | While earnings seemed to stabilize, Jiayin Group had a late earnings 'surprise' and concluded they underestimated the risk on their books a quarter earlier. We still own the stock but did pivot away somewhat before the announcement. |
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